Getting mortgage for son with bad credit

neas

so...
let me get this straight.

He didnt have any deposit saved... he has bad credit history already... and you want to take on LOADS of credit on his behalf?

theres a reason he cant get a mortgage.... or will have a hard time.. because he is less likely to pay... use this as your decision to get a mortgage for him. Let him save for 2 years... houses wont ramp back up that fast.... and teach him to grow up.. 30 is quite old to be leeching off parents goodwill still.

huntersc

Sounds like your son likes the idea of a free ride Don't ever take a mortgage out for him. If he has bad credit then there's a reason why. If he's willing to ask you to take out a mortgage then he'll be more than willing to miss payments at some stage. He's already getting deposit money, that should be plenty for him.

He sounds like a bit of a pratt to be honest and you sound far too nice to deal with him.

poppysarah

But a lot of parents constantly bail out their kids so they never learn what they should be doing for themselves. It'll come as a shock when you're on a pension and having to bail out your son's exotic lifestyle still.

Incisor

lola1123 wrote: »

....I've been dragging my feet on this as I've been hoping that the mortgage company would not approve my application....but that is simply foolish.

Tough though it is, you will do your son a far greater favour by telling him to his face rather than hoping that the mortgage co will make this problem go away. Go for it. We have all been a bit harsh on your son, but really, I do hope that by taking a stand you can begin to make a lasting difference to how he handles himself.

poppysarah

Actually just telling him outright that you've changed your mind is a great way to test whether you're doing the right thing. If he flies off the handle then you have done the right thing, and if he doesn't, then you've still done the right thing and he's being a better person for it.

lola1123

You guys are amazing! You've given me so many different ways to think about this and I really appreciate each and every one's perspective. The saying, "You teach people how to treat you" says it all. Would you believe that yesterday was my birthday and he didn't even call? He says that he would do anything for me if I needed him, but then he doesn't even remember his own mother's birthday? Oh well, c'est la vie. Thanks again, guys, and I wish you all the very best! Lola

neas

Sounds like he been spoiled a bit too much to be honest.

poppysarah

Well Happy Birthday for yesterday anyway from me and I'm sure everyone on the thread!

mrsukyankee

My dad did this for me - he refused to help me by co-signing a loan. And it was the best thing ever. I had to learn to budget, save up money, get out of my own bad credit and deal with disappointment. And I did. Now at age 39, I've bought a house with my husband, have amazing credit and no debt at all. While at the time it made me upset, in the long run I have to appreciate the tough decision my dad made.

ioscorpio

It's people like your son in the US that has brought about the credit crunch in the UK with their sub prime mortgages.